India Glycols financials and balance sheet

NSE: INDIAGLYCOBSE: 500201BeveragesSmall Cap

₹287.45₹8.55 (2.89%)BSE ₹287.45

Share price at the NSE close on 23 Oct 2026. Previous close ₹296.00.

52-week range of traded prices to 23 Oct 2026

₹217.00Low, 2 Sep 2026₹1,222.00High, 20 Nov 2025

Market cap: ₹1,927 Cr709th largest listed
P/E: Demergernew accounts awaited
P/B: Demergernew accounts awaited
Dividend yield: 0.53%
ROE: Demergernew accounts awaited
ROCE: Demergernew accounts awaited
Debt to equity: Demergernew accounts awaited
Volume, NSE: 3,96,43934.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.India Glycols annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹5,427 Cr, differs from its quarters added, ₹5,874 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue9,827
Materials and goods−2,662
Employee costs−133
Other expenses−6,383
Operating profit649
Depreciation−155
Other income+4.9
One-off items−0.8
Finance costs−167
Profit before tax331
Tax−84
Joint ventures+46
Net profit293

What the company owns

Plant, investments and other assets₹5,231 Cr
Inventory₹891 Cr
Receivables₹351 Cr
Cash and bank₹50 Cr

What pays for it: net worth and liabilities

Net worth₹2,933 Cr
Borrowings₹1,578 Cr
Other liabilities₹1,224 Cr
Owed to suppliers₹788 Cr

India Glycols business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. The year to Mar 2026 ended before the demerger of 2 Sep 2026: these businesses may include ones that left with it.India Glycols segment results by quarter

Revenue by segment

₹9,827 CrTotal

Potable Spirits₹6,946 Cr70.7% of total
Bio-Fuel₹1,470 Cr15.0% of total
Bio-based Specialities and Performance Chemicals₹1,203 Cr12.2% of total
Ennature Biopharma₹208 Cr2.1% of total

Profit by segment

Potable Spirits₹285 Cr52.0% of total
Bio-Fuel₹115 Cr21.0% of total
Bio-based Specialities and Performance Chemicals₹141 Cr25.7% of total
Ennature Biopharma₹7 Cr1.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Potable Spirits
Revenue, ₹ crore
2,166
3,042
3,745
4,419
4,745
5,575
6,434
6,946
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
93
140
154
90
102
164
256
285
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bio-Fuel
Revenue, ₹ crore
1,044
1,470
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
57
115
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Bio-based Specialities and Performance Chemicals
Revenue, ₹ crore
2,788
2,748
1,532
2,026
1,705
2,141
1,342
1,203
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
268
195
66
121
125
168
125
141
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ennature Biopharma
Revenue, ₹ crore
164
183
151
156
192
205
219
208
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
49
52
51
39
49
39
21
7
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	5,117	5,973	5,427	6,601	6,642	7,922	9,039	9,827
Company revenue, as in its results	5,117	5,973	5,427	6,601	6,642	7,922	9,039	9,827
Revenue	2,166	3,042	3,745	4,419	4,745	5,575	6,434	6,946
Revenue growth	–	40.4%	23.1%	18.0%	7.4%	17.5%	15.4%	8.0%
Profit	93	140	154	90	102	164	256	285
Profit growth	–	50.3%	9.4%	−41.6%	13.4%	61.5%	56.1%	11.1%
Margin	4.3%	4.6%	4.1%	2.0%	2.1%	2.9%	4.0%	4.1%
Return on capital	–	97.1%	82.7%	48.9%	–	237.6%	105.1%	105.5%
Assets	–	523	530	623	354	466	579	597
Liabilities	–	379	344	440	411	397	335	327
Capital employed	–	145	186	183	−57	69	244	270
Revenue	–	–	–	–	–	–	1,044	1,470
Revenue growth	–	–	–	–	–	–	–	40.9%
Profit	–	–	–	–	–	–	57	115
Profit growth	–	–	–	–	–	–	–	103.3%
Margin	–	–	–	–	–	–	5.4%	7.8%
Return on capital	–	–	–	–	–	–	5.5%	8.6%
Assets	–	–	–	–	–	–	1,117	1,430
Liabilities	–	–	–	–	–	–	90	92
Capital employed	–	–	–	–	–	–	1,027	1,338
Revenue	2,788	2,748	1,532	2,026	1,705	2,141	1,342	1,203
Revenue growth	–	−1.4%	−44.3%	32.3%	−15.9%	25.6%	−37.3%	−10.4%
Profit	268	195	66	121	125	168	125	141
Profit growth	–	−27.2%	−66.1%	82.2%	3.3%	34.8%	−25.5%	12.5%
Margin	9.6%	7.1%	4.3%	6.0%	7.3%	7.9%	9.3%	11.7%
Return on capital	–	11.0%	3.3%	6.1%	4.9%	6.0%	4.8%	4.9%
Assets	–	3,085	3,098	2,917	3,518	4,164	3,545	3,601
Liabilities	–	1,304	1,062	944	990	1,343	930	738
Capital employed	–	1,782	2,037	1,973	2,528	2,821	2,615	2,863
Revenue	164	183	151	156	192	205	219	208
Revenue growth	–	11.7%	−17.7%	3.7%	22.7%	7.0%	6.9%	−5.3%
Profit	49	52	51	39	49	39	21	7
Profit growth	–	6.6%	−1.6%	−23.2%	23.4%	−20.7%	−46.2%	−65.2%
Margin	29.9%	28.5%	34.1%	25.3%	25.4%	18.8%	9.5%	3.5%
Return on capital	–	21.3%	18.1%	12.3%	16.5%	11.5%	5.5%	2.2%
Assets	–	287	317	379	388	427	441	426
Liabilities	–	42	33	59	92	93	62	92
Capital employed	–	245	284	321	296	334	379	334

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.India Glycols quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue from operations	3,609	4,162	5,117	5,973	5,427	6,601	6,642	7,922	9,039	9,827
	3,373	3,838	4,701	5,581	5,159	6,346	6,346	7,519	8,528	9,177
Materials and goods bought	1,605	2,003	2,073	2,328	1,499	1,921	1,582	2,149	2,408	2,662
Employee costs	–	–	101	114	83	89	89	103	123	133
Other expenses	–	–	2,527	3,138	3,577	4,336	4,675	5,267	5,997	6,383
Operating profit before depreciation	236	324	417	392	268	255	296	402	511	649
Operating margin	6.5%	7.8%	8.1%	6.6%	4.9%	3.9%	4.4%	5.1%	5.7%	6.6%
Materials, % of revenue	–	–	40.5%	39.0%	27.6%	29.1%	23.8%	27.1%	26.6%	27.1%
Employee costs, % of revenue	–	–	2.0%	1.9%	1.5%	1.4%	1.3%	1.3%	1.4%	1.3%
Other expenses, % of revenue	–	–	49.4%	52.5%	65.9%	65.7%	70.4%	66.5%	66.4%	65.0%
Depreciation and amortisation	72	73	76	83	80	80	94	101	115	155
Operating profit after depreciation	164	250	341	309	188	175	202	302	396	494
Other income	8	23	17	9	15	22	24	26	15	5
Finance costs	127	125	143	143	83	70	100	121	164	167
Profit before one-off items and tax	45	148	214	174	120	127	126	207	246	332
One-off items	0	0	0	0	0	221	28	0	0	−1
Profit before tax	45	148	214	174	120	348	154	207	246	331
	10	51	81	59	11	39	24	50	61	84
Current tax	–	–	44	0	19	59	0	11	17	21
Deferred tax	–	–	36	59	−8	−19	24	39	44	63
Share of profit of joint ventures and associates	0	−1	−1	0	1	21	11	17	46	46
Profit from discontinued businesses	–	–	–	–	22	10	–	–	–	–
	35	97	133	115	132	340	141	173	231	293
Belonging to the company's shareholders	35	97	132	115	132	340	125	173	231	293
Belonging to outside owners of subsidiaries	–	–	–	0	0	0	16	0	0	0
Other comprehensive income	–	–	0	−1	3	0	0	0	−1	−2
Total comprehensive income	–	–	132	113	135	339	141	173	230	291
Net margin	1.0%	2.3%	2.6%	1.9%	–	5.1%	2.1%	2.2%	2.6%	3.0%
Net margin without joint ventures and associates	1.0%	2.3%	2.6%	1.9%	–	4.8%	2.0%	2.0%	2.0%	2.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the year to Mar 2021: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 8 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	963	1,034	1,169	1,772	1,901	2,051	2,256	2,933
	963	1,034	1,169	1,792	1,901	2,051	2,256	2,933
Share capital	31	31	31	31	31	31	31	34
Reserves	932	1,003	1,138	1,761	1,870	2,020	2,225	2,899
Belonging to outside owners of subsidiaries	–	–	–	−19	–	0	0	0
	863	891	991	1,040	1,094	1,321	1,804	1,578
Repayable after a year	396	407	508	540	551	725	1,040	919
Repayable within a year	467	484	483	500	543	596	764	659
	1,725	1,984	1,733	1,749	1,865	2,375	2,321	2,014
Trade payables	743	722	581	642	752	1,099	979	788
Other financial liabilities	353	402	404	289	323	382	396	432
Other liabilities	141	364	263	289	244	295	179	127
Provisions	5	8	3	4	3	3	3	8
Tax owed	17	5	0	25	–	0	0	0
	1,097	1,068	1,183	1,110	1,092	1,191	1,599	1,576
Other financial liabilities	38	42	50	38	61	60	109	143
Other liabilities	367	294	262	189	116	3	3	3
Provisions	6	6	6	5	4	5	5	6
Deferred tax	289	320	357	338	359	398	442	505
Liabilities going with businesses held for sale	–	–	34	–	–	–	–	–
	3,784	4,086	4,119	4,631	4,858	5,617	6,176	6,523
Held for sale or for a demerger	–	–	383	–	–	–	–	–
	2,399	2,491	2,409	3,023	3,212	3,672	4,360	5,025
Plant in use, after depreciation	2,165	2,218	2,183	2,309	2,707	3,197	3,826	4,551
Plant being built	137	172	126	243	125	84	98	37
Intangible assets	0	2	2	2	2	2	1	1
Property held to earn rent	8	8	8	8	8	7	2	2
Investments	21	26	27	336	318	335	381	389
Loans given	1	1	1	0	0	1	1	2
Other financial assets	67	48	48	112	44	43	44	41
Other assets	–	16	15	13	7	5	6	3
	1,385	1,595	1,328	1,607	1,646	1,945	1,816	1,498
Inventories	647	682	610	693	754	1,106	1,171	891
Trade receivables	322	569	362	399	430	384	365	351
Cash and cash equivalents	27	4	3	7	2	27	7	32
Other bank balances	89	88	94	95	111	111	71	18
Loans given	26	26	25	25	0	0	0	0
Other financial assets	57	60	52	188	170	127	54	39
Tax paid in advance	–	0	16	0	6	6	9	12
Other assets	218	167	166	200	173	183	140	155
Net debt	747	800	894	938	981	1,183	1,727	1,529

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 28 Jun	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	81	91	326	439	362	769
	99	112	376	449	382	793
	−143	−125	93	39	−113	144
Receivables	66	−143	87	62	171	68
Inventories	−3	−12	−64	−352	−65	280
Payables	−205	30	70	325	−220	−204
Other working capital	0	0	0	5	0	0
Tax paid	−17	−21	−50	−11	−20	−24
Capital spending	149	380	439	553	760	823
Free cash flow	−68	−289	−113	−114	−398	−54
	−131	93	−330	−503	−736	−767
Plant and property sold	0	0	4	11	8	7
Interest received	18	14	24	38	17	11
Dividends received	0	0	0	0	0	39
	49	−181	−1	90	354	23
Borrowings raised	299	322	297	463	860	438
Borrowings repaid	−157	−410	−166	−236	−377	−664
Interest paid	−88	−67	−99	−123	−165	−168
Lease payments	−5	−7	−10	9	60	25
Dividends paid	0	18	23	23	25	75
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	467
Net change in cash	0	4	−5	25	−20	25

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.India Glycols dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
	₹5.66	₹15.59	₹21.42	₹18.52	₹21.26	₹54.89	₹22.78	₹27.94	₹37.29	₹45.95
As stated that year	₹11.32	₹31.18	₹42.83	₹37.03	₹42.51	₹109.77	₹45.55	₹55.87	₹74.58	₹45.95
	₹5.66	₹15.59	₹21.42	₹18.52	₹21.26	₹54.89	₹22.78	₹27.94	₹37.29	₹45.95
As stated that year	₹11.32	₹31.18	₹42.83	₹37.03	₹42.51	₹109.77	₹45.55	₹55.87	₹74.58	₹45.95
	₹0.50	₹2.00	₹3.00	₹3.00	₹3.00	₹3.75	₹3.75	₹4.00	₹5.00	₹7.50
As declared that year	₹1.00	₹4.00	₹6.00	₹6.00	₹6.00	₹7.50	₹7.50	₹8.00	₹5.00	₹7.50
	–	–	₹155.46	₹166.97	₹188.71	₹289.39	₹307.06	₹331.24	₹364.32	₹437.60
On that year's share count	–	–	₹310.93	₹333.93	₹377.43	₹578.78	₹614.12	₹662.47	₹728.64	₹437.60
Dividend payout	8.8%	12.8%	14.0%	16.2%	14.1%	6.8%	18.6%	14.3%	13.4%	17.2%
Shareholder yield	–	–	–	–	0.0%	0.6%	1.2%	1.0%	0.7%	−6.9%
Market cap at the year end (₹ crore)	495	1,400	863	659	1,291	3,128	1,903	2,344	3,436	5,690

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.India Glycols PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 8 Jun	Mar 2020Filed 25 Jun	Mar 2021Filed 28 Jun	Mar 2022Filed 28 May	Mar 2023Filed 25 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 14 May
Revenue growth	55.2%	15.3%	23.0%	16.7%	–	21.6%	0.6%	19.3%	14.1%	8.7%
Operating profit growth	30.2%	36.9%	28.9%	−6.0%	–	−4.8%	15.8%	36.1%	27.0%	27.1%
Net profit growth	–	175.5%	37.4%	−13.5%	14.8%	158.2%	−58.5%	22.7%	33.5%	26.8%
Earnings per share growth	–	175.4%	37.4%	−13.5%	14.8%	158.2%	−58.5%	22.7%	33.5%	23.2%
	–	–	13.8%	11.5%	12.0%	23.0%	6.8%	8.8%	10.7%	11.3%
	–	–	–	−2.3 pts	0.5 pts	11.0 pts	−16.2 pts	2.0 pts	2.0 pts	0.6 pts
From the net margin	–	–	–	−3.5 pts	–	–	−14.6 pts	1.1 pts	1.5 pts	1.8 pts
From asset turnover	–	–	–	1.2 pts	–	–	−0.6 pts	0.6 pts	0.1 pts	0.1 pts
From borrowing	–	–	–	0.0 pts	–	–	−1.0 pts	0.3 pts	0.3 pts	−1.3 pts
Return on capital employed	–	–	18.7%	16.0%	8.7%	6.2%	6.7%	8.9%	9.7%	10.9%
Cash conversion	–	–	–	–	61.7%	26.9%	230.9%	253.5%	156.8%	262.7%
Interest cover	1.3	2.0	2.4	2.2	2.3	2.5	2.0	2.5	2.4	3.0
Debt to equity	–	–	0.90	0.86	0.85	0.59	0.58	0.64	0.80	0.54
Receivable days	–	–	23	35	24	22	24	18	15	13
Inventory days	–	–	114	107	148	132	174	188	177	122
Payable days	–	–	131	113	141	122	173	187	148	108
Cash conversion cycle, days	–	–	6	29	31	32	24	19	44	27
Working capital days	–	–	1	0	−1	14	12	1	7	3
Asset turnover	–	–	1.35	1.52	1.32	1.51	1.40	1.51	1.53	1.55
Assets per rupee of net worth	–	–	3.93	3.94	3.73	2.96	2.57	2.65	2.74	2.45
Sales per rupee of plant	–	–	2.36	2.69	2.49	2.86	2.45	2.48	2.36	2.16
Capital spending to depreciation	–	–	–	–	1.86	4.73	4.67	5.49	6.60	5.30
Plant being built, % of plant in use	–	–	6.3%	7.7%	5.8%	10.5%	4.6%	2.6%	2.6%	0.8%

From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2021 and Mar 2022: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. Revenue growth and operating profit growth are left blank for the year to Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.6%
Cash from operations against operating profit: 118.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	15.5%	12.6%	13.9%
Profit growth, yearly rate	–	17.3%	32.8%
Return on equity, average	–	12.1%	10.3%
Return on capital employed, average	–	8.5%	9.9%
Operating margin, average	6.0%	5.1%	5.8%
Net margin, average	2.5%	3.0%	2.6%
Asset turnover, average	–	1.50	1.53
Cash conversion cycle, days, average	–	29	30
Interest cover, average	2.2	2.5	2.6
Debt to equity, average	–	0.63	0.66

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,987	1,570	769
Cash from investing	−2,243	−2,006	−767
Cash from financing	285	466	23
Capital spending	2,956	2,137	823
Dividends paid	164	123	75
Shares bought back	0	0	0
Shares issued for cash	467	467	467
Borrowings raised	2,381	1,762	438
Borrowings repaid	1,853	1,277	664

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	7	6	6	6	5
Altman Z-scorePublished threshold 1.81	–	–	2.08	2.08	2.01	2.88	2.41	2.41	2.61	3.24
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.37	−2.28	−2.86	−2.90	−2.65	−3.02
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.41	3.55	3.07	4.54	10.26	4.57
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.81	1.31	2.07	2.25
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	59.90	−27.27	−11.41	7.33	−30.02	−19.09	−12.43
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−6.91	24.99	−14.51	26.43	10.95	−6.22	−34.49
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.81	0.11	2.36	−0.60	−0.41	−1.26	0.03
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.26	2.82	1.18	0.25	0.14	0.13	0.04
Effective tax ratePublished threshold 17.16 per cent	22.04	34.11	37.61	33.99	9.42	11.33	15.60	24.35	24.97	25.53
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	5.29	−17.12	19.08	16.75	18.40

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Amount, ₹ Cr
6 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE A- (Rating Watch with Developing Implications)Review, Re-affirm	1,229.79
6 Mar 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A2+ (Rating Watch with Developing Implications)Review, Re-affirm	850
6 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT/ ST-Working Capital Limits	CARE A- / CARE A2+ (Rating Watch with Developing Implications)Review, Re-affirm	450
6 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Bank Guarantee	WithdrawnReview, Other

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.